Infomedia Ltd (IFM AU), a automotive software firm, has entered into a Scheme Implementation Deed with PE-outfit TPG.
TPG is offering A$1.72/share, a 30% premium to last close. The transaction requires FIRB signing off. The Offer has the unanimous backing of Infomedia's boards.
Back in mid-2022, Infomedia fielded various indicative Offers (including TA Associates/Viburnum, Battery Ventures, and Solera) in 2022, none of which went the distance.
Infomedia is an illiquid stock. If that's not your bag, look away now.
The Trade:
This appears a clean deal. Financing in place.
Offer metrics appear fair to full.
Trading tightish at 2.4%/7.2% gross/annualised spread, assuming early Dec completion.
Will Viburnum step up to the plate, again?
If small, illiquid arbs are your bent, look to enter here and on any weakness.